CoreWeave announced in its March investor deck that it anticipates a substantial revenue backlog of $66.8 billion by the end of 2025, with approximately 40% expected to convert over the next two years and around 80% within four years. The company plans to primarily utilize asset-level delayed draw term loans to fund new capacity expansions, while projecting that backlog cash flows will adequately cover its debt service needs and still generate free cash flow. Additionally, CoreWeave aims for mid-20% adjusted operating margins as part of its long-term financial strategy.
CoreWeave Reports $66.8B Revenue Backlog by Year-End 2025
